论文部分内容阅读
本文从股票流动性的视角,探讨含有公允价值计量的会计年报披露对投资者的决策有用性。通过对我国沪深两市金融类上市公司的年报披露和市场反应,对比分析了含有公允价值计量的会计年报首次披露后公司股票流动性的变化,剖析其对投资者买卖决策行为的影响。实证发现:总体上,含公允价值计量的年报披露增加了公司的股票流动性,但进一步对公司公允价值变动损益占当年利润的大小分类,却发现:当上市公司公允价值变动损益占当年利润的比例较大时,股票流动性有显著增加;而当上市公司公允价值变动损益占当年利润的比例较小时,股票的流动性没有显著增加。这表明,客观上公允价值计量的年报披露增加了投资者关于公司价值的信息,但实际上,只有当公允价值变动损益占当年利润比例较大时,才会影响到投资者的买卖决策行为。
From the perspective of stock liquidity, this article explores the usefulness of the accounting annual report disclosure with fair value measurement to investors’ decision-making. By analyzing the annual report disclosure and market reaction of the financial listed companies in Shanghai and Shenzhen, this paper comparatively analyzes the change of the liquidity of the company after the first disclosure of the accounting annual report containing the fair value, and analyzes its influence on the decision-making behavior of investors. The empirical findings show that, on the whole, the disclosure of annual reports including fair value measurement increases the liquidity of the company’s stock. However, the profit and loss of the company’s fair value change further accounts for the size of the profit for the year, but finds that when the profit and loss of the fair value changes When the ratio is larger, the liquidity of stocks increases significantly. However, when the proportion of profit and loss of the fair value changes of the listed company to the profits of the current year is small, the liquidity of the stocks has not significantly increased. This shows that objectively disclosing the annual report of fair value measurement increases investors ’information about the company’s value, but in fact, investors’ trading decisions will only be affected if the profit and loss of the fair value change accounts for a large proportion of the profit for the current year.